A slew of on-chain metrics are hinting that the Bitcoin (BTC) bear market could be in the rearview mirror, according to the crypto analytics firm Glassnode.
In a new YouTube video, the analytics firm acknowledges that “nobody really knows” if the BTC bear market is actually over.
However, Glassnode says there are a handful of key metrics that suggest the market could be changing.
The analytics firm notes that BTC has been above its realized price (RP) and 200-day moving average (MA) for most of 2023. RP records the value of all BTC at the price they were most recently bought, divided by the number of coins in circulation.
Glassnode also says Bitcoin has witnessed increased momentum in terms of network utilization, with upticks in active addresses and fee pressure.
Additionally, traders are taking profits in BTC and the market is absorbing those sales, according to the analytics firm. There is also a balance of wealth in favor of long-term holders, another potential indicator the bear market is over.
Bitcoin is trading at $28,953 at time of writing. The top-ranked crypto asset by market cap is down more than 5% in the past 24 hours but remains up by more than 74% since the start of 2023.
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